Tech layoffs

Commentary and news on the e ect of global tech job cuts

Our IT recruitment division Stelfox would have witnessed large swathes of ICT workers being rehired in Q4 2022 – shortly a er they were laid o by some large ICT rms in Q3 2022. is is something we expect to continue as the year goes on. Despite there being relatively large layo s in the tech sector in the rst quarter of this year, this hasn’t led to a large surplus candidate pool because companies that are hiring quickly scoop up the talent lost from businesses that have retrenched.”

Barry Whelan, CEO of Excel Recruitment, commenting on the release of the latest ESRI Quarterly Economic Commentary

Impact of global announcements

A Central Bank of Ireland report has estimated that there had been 2,307 layo s in the ICT sector in Ireland in the year to February 2023. This amounts to 1.4% of overall ICT employment or just 6.2% of the increase in employment since Q4 2019. There have been further global tech job-cut announcements since the report’s publication, including from Microsoft and Accenture. Highlighting the importance of the sector to the Irish economy, the report notes that although ICT makes up 6.4% of employment, it accounts for almost 12% of all income tax revenue and 21.3% of corporation tax.